A cashless society in the UAE cannot happen without financial inclusion

A cashless society in the UAE cannot happen without financial inclusion

Anouar Bourakkadi Idrissi is the CEO of Edenred UAE

At the onset of 2020, implementation of the wide-scale lockdown and social distancing measures in the fight against Covid-19 triggered significant changes in consumer behaviour. From crisis to recovery and the reopening of economies, businesses have witnessed a profound change in the way consumers behave. While some of these changes were temporary, others are expected to have long-term repercussions, and since many of the changes in consumer behaviour are still being formed, it gives companies an opportunity to help shape #TheNewNormal.  

Online shopping and food delivery are obviously not new trends; however, lockdown would have necessitated participation from even their biggest opponents. Hidden behind these obvious developments was another digital trend: digital payments. According to a survey by Standard Chartered, 47 per cent of the UAE respondents said they prefer making online payments now over in-person card transactions or cash payments and almost two-thirds of people in the UAE (64 per cent) expect the country to become fully cashless by 2030. Globally, the volume of ATM cash withdrawals tumbled at least 12 per cent in the second quarter, according to research firm MoffettNathanson.

Recent trends show that there is an increasing tendency and